Unite Group obtains planning consent for new development in Liverpool
Unite secured planning consent for a development site in the centre of Liverpool in under six months since acquisition, cementing its presence in the market for student accomodation in that city.
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The development will house 1,085 student bedrooms, boosting the student accomodation provider´s pipeline for the next three years to over 5,000 beds.
The new scheme, which will be built next to its Grand Central student village, enhances Unite´s visibility on its earnings outlook and is seen contributing roughly two pence per share to its EPRA earnings once completed and occupied, the company said in a statement.
Management is targetting returns in line with those for its other regional development projects.
At a total development cost of £70m, the scheme was to be funded from internally generated sources.
Richard Simpson, Managing Director of Property for Unite Students, commented: "We are delighted to have secured planning consent for this site in Liverpool, which is one of the UK's most popular university cities, with a growing student population and where we have significant experience having operated for over 15 years."
The company anticipated the new property would be ready in time for the 2019/20 academic year.